Trammell Crow Residential

News from The Business Journals

For the past few years, Atlanta was a poster child for over-leveraged commercial real estate investors. Nowhere was that more apparent than the region’s commercial mortgage debt, or CMBS loans. On the surface, not much appears to have changed. Metro Atlanta still ranks first in overall delinquency rate for commercial mortgage-backed securities and second in the total balance of delinquent commercial mortgage debt, according to data compiled by the analyst Trepp LLC. But, consider how much the metro region has actually recovered. Although Atlanta still has a CMBS delinquency rate of 12.8 percent, it’s dropped from an astounding 25.4 percent over the past two years, said Sean Barrie, a research analyst with Trepp.

Atlanta-based The Home Depot Inc. will invest $200 million to redevelop almost 650,000 square feet of its Cobb County office properties and a portion of its headquarters campus. Home Depot (NYSE: HD) was given the green light on March 3 for $3.4 million in tax abatements to support the project. Cobb County’s development authority approved those incentives over the next 10 years.

A Dallas-based development group has purchased 54 acres of land adjacent to the massive CityLine development at the southeast corner of Central Expressway and the President George Bush Turnpike, which will pave the way for a new $500 million transit-oriented development.

Developer Terwilliger Pappas is planning a residential tower in the Buckhead Village, the latest project proposed in the district. Terwilliger Pappas was slated to present the tower to Buckhead planners on Dec. 3. The project, which could approach 20 stories, would take shape just south of Pharr road at 2965 and 2975 Peachtree, the current site of a gas station and restaurant. Cooper Carry is the architect.

Stream Realty Partners L.P. is developing a loft office project in West Midtown. The $12 million project on Ellsworth Industrial Boulevard would re-purpose an existing building that houses two furniture stores. The redevelopment would feature 75,000 square feet of new loft office space geared to West Midtown creative firms. The project fills a niche.